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一文綜合大行於聯通(00762.HK)公布業績後最新評級、目標價及觀點
中國聯通(00762.HK)今早股價造好,盤中曾高見3.88元一度走高近3.5%,最新報3.87元升3.2%。星展發表報告表示,聯通上半年純利按年升19.5%優於市場預期,服務收入按年升8.3%主要受益於工業互聯網業務所推動,重申「買入」評級及目標價7.6元,相當於預測今年市盈率12倍。 聯通昨日(8日)收市後公布今年中期業績,營業額1,762.61億元人民幣按年升7.4%;純利109.57億人民幣,按年升19.5%;每股盈利0.36元人民幣。派每股中期息16.5分,按年升37.5%。公司上半年服務收入實現1,610億元人民幣,按年上升8.3%,增速創近年同期新高,上半年資本支出按年增長98.5%至284億人民幣。聯通通董事長兼首席執行官劉烈宏強調,有信心全年實現營收利潤穩健增長。 【業績優預期 派息有驚喜】 里昂發表研究報告表示,聯通上半年移動用戶增長疲弱,但工業互聯網業務依然強勁,次季總服務收入按年增長 6.7%至798億元,低於該行原預期0.8%。由於營運成本優化,淨利潤按年增長18.8%至63億元,高於預期10.5%。儘管疫情管控影響,工業互聯網收入按年仍強勁增長28.6%。該行預計聯通2022年全年利潤將保持兩位數增長,維持「買入」評級,目標價6港元。 摩通大通則表示,預期聯通資本支出及派息前景不太樂觀,指聯通認為未來幾年全年總資本支出將從2021 年的 690億元人民幣增加到750億元人民幣,估計今年的網絡/雲資本支出按年各增長65%及88%,維持其「中性」評級,目標價4.1港元。該行料聯通預測2023年的股息收益率為8厘,而中移動(00941.HK)和中電信(00728.HK)的股息收益率為10厘至11厘。 ----------------------------------------------- 下表列出7間券商對其評級及目標價: 券商│投資評級│目標價(港元) 星展│買入│7.6元 里昂│買入│6元 瑞信│跑贏大市│5.6元 摩根大通│中性│4.1元 野村│中性│4元 匯豐環球研究│持有│3.9元 瑞銀│中性│3.8元 券商│觀點 星展│上半年工業互聯網業務EBITDA按年增31.8%,盈利表現勝預期 里昂│次季總服務收入按年增6.7%低於預期,營運成本優化淨利潤增長高於預期 瑞信│上半年大增派息37.5%有驚喜 摩根大通│行業互聯網勢頭強勁,但資本支出及股息前景不太樂觀 野村│因疫情反覆服務收入和收益州次季增長放緩,新業務投資帶動EBITDA按年增3.9% 匯豐環球研究│EBITDA按年增3.9%電信業務穩定,大增派息有驚喜 瑞銀│由於較低員工成本 料淨利潤下半年增長加快
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